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06-21-2007, 04:32 PM
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As other people have stated, the most common benefit is the potential to refinance to a lower interest rate. You can also refinance in order to have a lower payment. I refinanced my car a few years ago when I was still in med school-- even though it was a higher rate, it was still a better deal for me because I didn't have a lot of money. The neat thing about refinancing for a lower payment is that it lowers your monthly obligatory amount (which is great for those months when money is tight, when you have extra unforseen expenses) but nothing stops you from paying more than the scheduled payment.
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